An excerpt from Capitalism Magazine’s Book of the Year for 2005, The Capitalist Manifesto : The Historic, Economic and Philosophic Case for Laissez-Faire by Andrew Bernstein.
Prior to the advent of industrial capitalism (in roughly the 1760s) the lot of the English working class was generally miserable. Utter destitution was rampant, literal starvation not uncommon and the country was overrun with paupers. “There was, in point of fact, widespread poverty of the most abject kind in England and other countries of 18th century Europe.” It is difficult for men in the industrial West today to conceive of the kind of poverty that was widespread in pre-capitalist Europe. By a test employed in Lyons, France, in the 17th century, poverty was reached when daily income was less than the daily cost of minimum bread requirement
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